If you plan to become a landlord through investment homes, do your homework before you buy to find out what type of homes are in most demand in the area.
How to become a landlord with investment home rentals
Talk to rental agents. An agent who handles a large number of rentals can tell you what type of full-time or vacation homes renters are looking for.
Read newspaper classifieds to determine which types of properties seem to be most popular, and how much they are renting for during the different seasons.
If the area attracts a lot of senior citizens, one-level living may be the best choice, or at least a house with the main living quarters on the first floor. Avoid homes where renters must climb stairs to reach the entrance.
Look for a property within a reasonable distance of shopping and area attractions.
Before buying investment homes in a development, make sure the restrictive covenants allow rentals.
Talk to an accountant to verify that the income you can realistically expect to receive is appropriate for the purchase price of investment properties and the projected maintenance fees.
What to look for when purchasing investment homes as vacation homes
Make sure the investment homes are within 10 minutes to the attractions (for example, the most popular vacation homes in Orlando are close to theme parks).
Vacationers will expect a screened and heated swimming pool.
Look for a home that is easy to maintain. Ceramic tile is easy to maintain, has a classy appearance and will survive wear and tear better than carpet.
A pool Jacuzzi, or jacuzzi bath tub is a nice features.
The more privacy the yard provides, the better. People like to sunbathe on their vacations. Water views and conservation area are always a plus.
Larger homes of four to five bedrooms are designed to accommodate more than one family. Having a fully functional kitchen is important, as these customers will be looking to save money on daily maid service or restaurant dining.
Turning investment properties into a business
Property management companies come in two types - those that manage the property and those that rent and manage the property.
Management services: hire individuals to do repairs, property key disbursement and retrieval, make phone service available 24 hours a day for problems that arise and are responsible for the general inspection of the property.
Rental and management services: include all of the above, as well as advertising and finding renters for the property and handling rental payments.
Monthly expenses and additional costs
Your monthly expenses will generally include the following:
property maintenance company
pool maintenance
lawn care
pest control
electricity service
water service
trash pickup
cable service
phone service
Internet service
Additional costs will generally include the following:
property taxes
insurance
advertising and marketing fees
cleaning fees at the end of a rental period
Inside Ann Arbor Real Estate is a network entirely devoted to real estate information. The entire Inside Real Estate network has more than 100,000 pages of real estate for cities allover the United States. Inside Real Estate covers several topics from the basic how to’s of real estate to city-specific real estate information.
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